It seems that there is no one posting anything new on this. I hope by posting a new post someone will see it and maybe they have found something new out.
uhh guys u know u can die in the arena and leave it on ur corpse and it will stay there till u loot or corpse rots?....so u can pick it up when u log on and keep it forever
The fact that it is no rent makes you suspect that this will likely end up being used in some other quest or tradeskill, etc. Just because it is no rent doesn't make it useless. :)